Cboe and NYSE Arca Propose Rule Changes to Potentially Ease Bitcoin ETF Listings and Market Access
Main Idea
Cboe BZX and NYSE Arca have proposed rule changes to allow cryptocurrency ETFs to list without individual SEC 19b-4 approvals, aiming to streamline market access and reduce approval delays.
Key Points
1. Cboe and NYSE Arca seek to remove the lengthy 19b-4 approval process for crypto ETFs, proposing amendments to Cboe’s Rule 14.11(e)(4) and NYSE Arca’s Rule 8.201-E.
2. The SEC’s approval of in-kind redemptions for spot Bitcoin and Ethereum ETFs signals growing regulatory acceptance of crypto funds.
3. The proposed changes would create a standardized framework for crypto ETF approvals, eliminating case-by-case SEC reviews and reducing approval timelines from up to 240 days to a shorter period.
4. Recent legislative efforts, such as the GENIUS Act and CLARITY Act, aim to establish a stable regulatory environment for digital assets, supporting broader crypto ETF access.
5. The rule changes align crypto ETFs with traditional ETFs, potentially boosting investor confidence and market stability.
Description
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